Following a couple of slow months leading up to the US elections in September and October, November 2024 saw a strong rebound in eFX trading volumes, as the (surprise?) result of Donald Trump being elected as President, alongside further uncertainty as to what the Fed will do with interest rates, led to heightened volatility in the currency markets – which almost always begets increased trading activity.
Indeed, the two days following the US election (November 6 and 7) were two of the busiest days in the currency markets in 2024 at most of the institutional eFX venues surveyed by FNG.
Each of FXSpotStream, Cboe FX, 360T, and EuronextFX posted trading volume increases of between 8% and 12% in November 2024, with the average increased sitting at 10.3%, as the benchmark EURUSD tumbled amid post-election US dollar strength to below 1.05 for the first time since late 2022.
Cboe FX (formerly HotspotFX)
- November 2024 average daily volumes were $47.71 billion, +11.4% from October’s $42.82 billion.
EuronextFX (formerly FastMatch)
- November 2024 ADV $29.21 billion, +11.5% from October’s ADV of $26.20 billion.
FXSpotStream
- In November, FXSpotStream registered an overall ADV of USD100.317billion, its second highest on record to date. This marked a 7.77% increase MoM (compared to October 2024) and 43.26% YoY (vs. November 2023). Overall ADV consisted of a Spot ADV of USD72.280billion and USD28.037billion across other products. Year to date, FXSpotStream’s overall ADV marks a 29.70% increase YoY when compared to the same period last year (Jan-Nov).
- FXSpotStream’s Total ADV MoM (Nov’24 vs Oct’24) increased 7.77%.
- FXSpotStream’s Total ADV YoY (Nov’24 vs Nov’23) increased 43.26%.
- FXSpotStream’s Spot ADV MoM (Nov’24 vs Oct’24) increased 8.24%.
- FXSpotStream’s Spot ADV YoY (Nov’24 vs Nov’23) increased 34.31%.
- FXSpotStream’s Other ADV MoM (Nov’24 vs Oct’24) increased 6.59%.
- FXSpotStream’s Other ADV YoY (Nov’24 vs Nov’23) increased 72.99%.
360T
- Average daily volumes (ADV) at 360T came in at $31.62 billion in November 2024, up 10.6% from October’s $28.59 billion.
